[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1685 Considered and Passed Senate (CPS)]

103d CONGRESS
  1st Session
                                S. 1685

  To amend the Federal Deposit Insurance Act to permit the continued 
 insurance of deposits in minority- and women-owned banks by the Bank 
                 Deposit Financial Assistance Program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

            November 19 (legislative day, November 2), 1993

  Ms. Moseley-Braun (for herself, Mr. Domenici, Mr. Packwood, and Mr. 
    Bingaman) introduced the following bill; which was read twice, 
              considered, read the third time, and passed

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Deposit Insurance Act to permit the continued 
 insurance of deposits in minority- and women-owned banks by the Bank 
                 Deposit Financial Assistance Program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``The DOE Minority Bank Preservation 
Act of 1993''.

SEC. 2. AMENDMENT RELATING TO THE INSURANCE OF DEPOSITS BY THE BANK 
              FINANCIAL ASSISTANCE PROGRAM.

    Section 7(i)(1) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(i)(1)) is amended by striking ``shall be insured'' and all that 
follows through the period and inserting ``, or funds deposited by an 
insured depository institution pursuant to the Bank Deposit Financial 
Assistance Program of the Department of Energy, shall be separately 
insured in an amount not to exceed $100,000 for each beneficiary of an 
irrevocable trust or insured depository institution depositing such 
program funds.''.

SEC. 3. MINORITY COMMUNITY DEVELOPMENT GRANTS FOR COMMUNITIES WITH 
              SPECIAL NEEDS.

    (a) There are hereby authorized to be expended from sums 
appropriated for water infrastructure financing and other wastewater 
activities for cities with special needs, no more than $25,000,000 for 
wastewater treatment projects, including the construction of facilities 
and related expenses in minority communities with special needs to--
            (i) improve the housing stock infrastructure in the special 
        needs communities; and
            (ii) abate health hazards caused by groundwater 
        contamination from septage in arid areas with high groundwater 
        levels.
    (b) Treatment projects must include innovative technologies such as 
vacuum systems and constructed wetlands.
    (c) For purposes of this section--``cities with special needs'' 
includes minority communities with special needs.
            (1) A ``minority'' means an African-American, a Hispanic-
        American, an Asian American or Native American.
            (2) A ``minority community with special needs'' means--
                    (i) an unincorporated community that, based on the 
                latest census data, has a minority population in excess 
                of 50 percent;
                    (ii) has been unable to issue bonds or otherwise 
                finance a wastewater treatment system itself because 
                its attempt to change its political subdivision has 
                been rejected by the state legislature; and
                    (iii) that the state legislature has appropriated 
                funds to help pay for the project.

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